Chief risk officers need to simplify the way in which they report risks to executive management in order to properly convey the importance and usefulness of core enterprise risk management (ERM) elements, a panel of chief risk officers (CROs) said.
The Insurance Advisory Services (IAS) practice of Ernst & Young LLP hosted a roundtable to discuss the preliminary findings of its 2008 Insurance Risk Leadership Survey.
Ernst & Young said the survey found that "while the ERM building blocks are in place, the industry faces significant challenges as it prepares to move to the next level."
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